The Moriarty Tribunal heard today how a British Bank alerted the Irish authorities when they learned that a loan on their books involved Denis O'Brien and Michael Lowry. Investec UK had just taken over Woodchester Bank in Dublin who extended the loan. Their personnel told of how they wanted the loan off bankbooks before the take-over was completed.
Ian Wohlman of Investec said that they were so concerned when they heard that Michael Lowry and Denis O'Brien were linked in the Irish media and in their bankbooks that they went to the authorities - first the Central Bank and then the Tribunal. This controversial £0.5m loan was given to Denis O'Brien's accountant, Aidan Phelan and was used in a property deal involving Michael Lowry. Denis O'Brien says that he knows nothing about it.
However, today yet another banker said that he was led to believe that Mr O'Brien was very much involved. Tony Moreland said that he was told that Denis O'Brien wanted to buy land from a religious order in Manchester but did not want his name connected with it. He said that at a later stage, when the bank was worried about the loan not being repaid, Aidan Phelan told them that there was no need for concern as it was a Denis O'Brien transaction. It is expected that Aidan Phelan will deny this.
